Mortgages in United Kingdom

Mortgage/Power of Sale

The Mortgage (Repossession) Protection of Tenants Act 2010 provides, according to the Encyclopedia of Real Estate Terms, “protection to a tenant who have been granted a tenancy without the approval of the lender (which is fairly common). Prior to the Act the tenant had no rights as soon as the mortgagee obtained posseession of the property. The tenant now has a right to a remain in possession in accordance with the tems of the tenancy and has right to two months notice to quit. The tenant also has a right to attend the the possession hearing and the court has the power to order any possession to be postponed for up to two months, dependant upon the tenant’s circumstances and whether the tenant has conformed with the terms of the tenancy (especially the payment of rent).”


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